{"id":988,"date":"2015-09-29T17:29:44","date_gmt":"2015-09-29T22:29:44","guid":{"rendered":"https:\/\/taxprocenter.proconnect.intuit.com\/?p=988"},"modified":"2021-05-18T11:52:59","modified_gmt":"2021-05-18T16:52:59","slug":"could-there-be-a-silver-lining-to-rising-id-theft","status":"publish","type":"post","link":"https:\/\/accountants.intuit.com\/taxprocenter\/practice-management\/could-there-be-a-silver-lining-to-rising-id-theft\/","title":{"rendered":"Could There be a Silver Lining to Rising ID Theft?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Identity theft is estimated to hit another American every two seconds.<\/span><span style=\"font-weight: 400;\"><sup>1<\/sup><\/span><span style=\"font-weight: 400;\">\u00a0While the implications are not fun for anyone, we like to believe that every cloud has a silver lining, so we dug deep to uncover a few ways to look on the bright side of this challenging situation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">First and foremost, an identity theft occurrence can be frightening for your clients. They will likely feel vulnerable and uncertain about where to begin to find a resolution if it happens to them.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Any time &#8211; and especially during tax season &#8211; is an excellent time to provide your clients with information and show them how they can get support if it happens to them. <\/span><b>This also gives you a great opportunity for relationship and loyalty building.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Beyond the need for information and emotional support, the biggest challenge in dealing with an instance of identity theft is the amount of time it can take to resolve issues with the IRS and keep track of potential hits to your clients\u2019 credit reports. Here\u2019s where we have a silver lining. For tax year 2015, we\u2019ve added a new solution through ProSeries\u00ae \u2013 <\/span><b>Audit Assistance \u2013 that provides support for your clients in the event of identity theft or an IRS audit<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Identity Theft Restoration Services are included with Audit Assistance and cover these elements:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">24\/7 access to Identity Theft Restoration Advocates<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Customized state specific ID Recovery Kit,\u2122 pre-completed and sent overnight<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Notifications to appropriate bank or agencies, if other forms of ID were stolen<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Fraud alerts on credit records<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Daily credit monitoring from all three bureaus for six months<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">In addition, the program also provides personalized assistance with regards to an IRS audit in the form of:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Evaluation and drafting of IRS correspondence, as needed<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Assistance with telephone communications with the IRS during an audit process<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Explanation of claim requirements and available options<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Help with Schedules A, C and E at no additional charge<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Assistance with denied credits when tax return is unfunded, including Earned Income, child and dependent care, and more<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Help with rejected W-7 applications<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Assistance with IRS identity theft<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Tax debt audit assistance, including installment agreements, tax penalty abatement and more<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Up to $2,500 reimbursement for liability and interest for tax preparer error<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Exclusions apply<\/span><span style=\"font-weight: 400;\"><sup>2<\/sup><\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Audit Assistance is offered by Tax Protection Plus and available in ProSeries for tax year 2015 with a 30-day money back guarantee<\/span><span style=\"font-weight: 400;\"><sup>3<\/sup><\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There is no cost to the preparer for Audit Assistance. In addition, you\u2019ll receive a free, online, self-paced learning module on the topic of Identity Theft, for which you can <\/span><b>earn a free CPE credit<\/b><span style=\"font-weight: 400;\"><sup>4<\/sup><\/span><span style=\"font-weight: 400;\"> upon successful completion of the module. At $44.95, it\u2019s a wise investment for your clients and one you can feel confident recommending. Plus, there\u2019s another silver lining: <\/span><b>for every client you enroll in Audit Assistance, you\u2019ll receive $10<\/b><span style=\"font-weight: 400;\"><sup>5<\/sup><\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To get started, you simply need to<\/span><a href=\"https:\/\/myprotectionplus.com\/intuit-online-enrollment\/\" data-wa-link=\"body_protectionPlus\" target=\"_blank\"><span style=\"font-weight: 400;\"> register<\/span><\/a><span style=\"font-weight: 400;\"> to offer the solution.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While no one wants to have an actual identity theft occurrence, the topic itself does have a few positive opportunities for you and your business:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Build stronger relationships with your clients<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Earn $10 per client for every client you register in Audit Assistance<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Earn a free CPE credit<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Offer your clients assistance in the event of an IRS audit or identity theft<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Audit Assistance is part of a new suite of resources available this year called the Client Benefit Suite. For more information around the suite, click <\/span><a href=\"https:\/\/proconnect.intuit.com\/client-benefit-suite\" data-wa-link=\"body_cbs\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><sup>1<\/sup>\u00a0<\/span><span style=\"font-weight: 400;\">Javelin Strategy &amp; Research\u2019s 2014 Identity Fraud Study<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><sup>2<\/sup>\u00a0<\/span><span style=\"font-weight: 400;\">EXCLUSIONS: Not included or covered with Audit Assistance and Tax Reimbursement services are Non-resident federal returns; amended returns; returns other than individual 1040, including corporate, partnership, trust, estate, gift and employment returns; Returns in which the taxpayer or preparer had knowledge of additional taxes owed as of the date of enrollment in the Audit Assistance program; Returns prepared with gross negligence, recklessness, intentional misrepresentation or fraud; State or local returns; Returns that have become subject to IRS criminal investigations; IRS inquiries related to returns that address foreign income, flow-through entities (partnership and s-corporates as reported on Schedule K), court awards and damages, bartering income, cancelled debt, estate, and gift tax; Foreign tax credit, plug-in electric vehicle credit, residential energy efficient property credit, mortgage interest credit, credit to holders of tax credit bonds, health coverage tax credit, \u201cCredit\u201d for prior year minimum tax or excess Social Security tax or railroad retirement tax withheld; IRS inquiries and audits related to the Affordable Care Act. Tax reimbursement is not available if the Taxpayer preparer provided incomplete, incorrect or misleading information, or recklessly failed to include W-2, 1099 or any other taxable income on the return, or an inability to provide sufficient records to support any item on the return. Tax debt audit assistance requires that Taxpayer meet all IRS guidelines for approval and pay all associated governmental fees.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><sup>3<\/sup>\u00a0<\/span><span style=\"font-weight: 400;\">Audit Assistance membership may be cancelled for any reason, provided that Tax Protection Plus is notified in writing at Tax Protection Plus, PO Box 24279, Winston Salem, NC 27114, or by phone (866-942-8348), within the first 30 days of taxpayer&#8217;s membership.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><sup>4<\/sup>\u00a0<\/span><span style=\"font-weight: 400;\">You must complete the course in full and online by Dec 31, 2015, in order to receive one CE credit with the IRS for the 2016 calendar year. Course details will be emailed upon registration with Audit Assistance.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><sup>5<\/sup>\u00a0<\/span><span style=\"font-weight: 400;\">Earn $10 for every funded Refund Transfer client you successfully enroll for first-time Audit Assistance membership between Aug. 1, 2015 and April 15, 2016 whose refund transfer amount is sufficient to pay the $44.95 one-year. membership fee. $10 incentive is an introductory offer and subject to change in subsequent years. Available only to actively subscribed 2015 or later version ProSeries customers with an Intuit account in good standing. To participate you must be an authorized Audit Assistance tax preparer, enrolled via an Intuit-approved registration portal. See <a href=\"https:\/\/proconnect.intuit.com\/client-benefit-suite\" data-wa-link=\"body_cbs\">The Client Benefit Suite<\/a>\u00a0<\/span><span style=\"font-weight: 400;\">for details. Cost of Audit Assistance membership will be automatically deducted from the Refund Transfer balance. Individual Tax preparer credits under this offer will be collectively processed and paid not more than 12 weeks after the end of the then-current tax season. Offer may not be assigned, exchanges, sold, transferred, combined, or redeemed for cash or other goods and services. Subject to availability and additional terms and conditions may apply. Offer may be terminated or modified in Intuit\u2019s discretion and terms, prices, features, services, and support are subject to change with or without notice.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Identity theft is estimated to hit another American every two seconds.1\u00a0While the implications are not fun for anyone, we like to believe that every cloud has a silver lining, so we dug deep to uncover a few ways to look on the bright side of this challenging situation. First and foremost, an identity theft occurrence<\/p>\n","protected":false},"author":107164895,"featured_media":1003,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rkv_browse_by_id":0,"rkv_cta_id":0,"rkv_optimize_for_pagespeed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"useModifiedDate":false,"customPublishDate":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[116807],"tags":[130072316,9634362,646041815],"intuit_collection":[],"intuit_series":[],"coauthors":[509474166],"class_list":["post-988","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-practice-management","tag-fraud-and-security","tag-id-theft-restoration","tag-protection-plus"],"header_image":"","yoast_head":"<!-- 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